Cahya Mata Sarawak Bhd led gains by Sarawak state-based builders and oil and gas stocks after Malaysia's ruling coalition retained control in the state's election, spurring optimism development spending will continue.
There will be 'continuity in the state's development plan,' HwangDBS Vickers Research Sdn Bhd said in a report today.
Cahya Mata, controlled by the family of Sarawak Chief Minister Abdul Taib Mahmud, rose 5.8 per cent to RM2.39 at 9:08 a.m. local time, set for its steepest gain since Nov. 25.
Naim Holdings Bhd added 4.5 per cent to RM3.05, Dayang Enterprise Holdings Bhd gained 3.1 per cent to RM1.99. -- Bloomberg
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